Haynes Boone has advised AI-focused energy REIT Fermi America on its dual listing on the Nasdaq and London Stock Exchange (LSE) this week, the first simultaneous listing this century and one of the biggest in LSE’s history.
Fellow Texas firm Vinson & Elkins (V&E) and Linklaters also scored roles on the transaction, which has been hailed as a sign of growing momentum in London’s capital markets after a period of uncertainty. The firms advised the underwriters on US and English law, respectively.
The Haynes Boone effort was fielded in London by corporate partner Nick Davis and capital markets partner Robert Bines-Black. The firm’s Dallas office also advised on the Nasdaq listing, led by capital markets co-chair Matt Fry, who told Bloomberg Law the firm aimed to “have great securities lawyers on both sides of the pond and execute on transactions for our clients whether they are on any of the primary markets”.
Fermi’s IPO is a major milestone for the company, which was only founded in January 2025 by former US Energy Secretary Rick Perry and CEO Toby Neugebauer.
Fermi plans to build one of the world’s largest data centre developments in Amarillo, Texas, powered by a combination of nuclear, natural gas and solar energy. The project, known as Project Matador, is intended to deliver up to 11 gigawatts of energy and support up to 15 million square feet of AI-ready hyperscale compute infrastructure by 2038, according to a SEC filing.
The Vinson & Elkins team included partners David Oelman in Houston and Daniel LeBey in Richmond, Virginia, according to the SEC filings.
Meanwhile, Linklaters’ team was led by London corporate partner Tom Thorne, who previously advised on IPOs for Dr. Martens, Trainline and Huatai Securities, among others.
Fermi’s offering raised $682.5m through the sale of 32.5 million shares at $21 per share, valuing the company at $13.8bn.
Reuters noted it was unusual for a company less than a year old with no revenue to pursue an IPO at such a high valuation. Matt Kennedy, senior strategist at Renaissance Capital, told the publication it spoke to the “gold rush” happening in AI infrastructure. “It’s a cash geyser,” he added.
Shares in Fermi jumped 55% to $32.53 in its first day of trading on the Nasdaq on Wednesday (1 October), valuing it at around $19bn. The company began trading on the LSE’s secondary listings category on Thursday, which it said would give it access to “deep pools” of international capital.
Fermi’s is the biggest IPO on the LSE by offering size this year and the biggest by market capitalisation since September 2020, the Standard reported. It is believed to be the first concurrent dual listing on Nasdaq and in London since ARM Holdings in 1998.
The listing is a boost for the City after a dismal year so far for IPOs; the Standard reported London fell as low as 23rd in a global ranking of IPO destinations in the first nine months of the year, with just £184m raised.
“The successful execution of a dual listing of this size and complexity is a milestone – not just for Fermi, but also for the wider market as a signal of what can be achieved in London,” Haynes Boones’ Davis said. “Fermi is exactly the kind of innovative, high-growth company that London should be attracting. This listing proves London markets can deliver transactions of real scale and provide the capital, expertise and global profile needed to support the most ambitious companies.”
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